International Finance Corporation, IFC has announced its plans to support investments that will add 1, 500 megawatts of power generation to the national grid.
Addressing news men in Lagos, IFC Vice President for Sub-Saharan Africa, Latin America and the Caribbean, Jean Philippe Prosper said the corporation has already signed a mandate to mobilize funds for a power generation company and aims to provide similar support for others, adding that IFC also plans to support up to three power generation companies.
“These projects will add 1,500 MW to the national grid and are part of the World Bank Group’s intervention in the sector which is built into the Energy Business Plan. IFC is also considering participation in a gas-to-power project,” he said.
He explained that under the Energy Business Plan, each World Bank group institution will leverage its competencies and products to provide solutions to projects that encourage their viability and contribute to the sustainability of the power sector.
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